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<br />CONTRACT OF SALE AND PURCHASE <br /> <br />STATE OF TEXAS } <br /> <br />KNOW ALL MEN BY THESE PRESENTS: <br /> <br />COUNTY OF LAMAR } <br /> <br />THJ\T, DONALD W. THOMPSON, of Irving, Dallas County, Texas, hereinafter called <br />SELLER, and the CITY OF PARIS, PARIS, TEXAS, a municipal corporation, of Paris, Lamar <br />County, Texas, hereinafter called PURCHASER, do contract and agree as follows: <br /> <br />1. SELLER agrees to sell and PURCHASER agrees to buy the property described on <br />Exhibit "A", attached hereto for $27,000.00 cash to be paid as follows: $1,000.00 cash <br />deposited with Stone Title Company, Inc. as earnest money and as part payment, the <br />receipt of which is hereby acknowledged by said deposit holder to be delivered to <br />SELLER at the time of closing, and $26,000.00 cash to be delivered to SELLER by <br />PURCHASER at time of closing at Stone Title Company, Inc., in Paris, Lamar County, <br />Texas, with PURCHASER receiving possession of property on date of closing being on <br />or before April 9, 1999. <br /> <br />2. SELLER agrees to furnish to PURCHASER General Warranty Deed and Title Policy. <br /> <br />3. SELLER agrees to pay all taxes due and owing through date of closing. <br /> <br />4. If said title company raises objections to the title to said property, SELLER shall have 30 <br />days time within which to meet such objections, and if SELLER is unable to meet the <br />objections, then the above mentioned deposit shall be returned to PURCHASER, and this <br />contract shall thereupon terminate and all parties be released from liability hereunder; but <br />if the title is approved, and either party hereto fails or refuses to consummate this contract, <br />the other may, at his option, enforce specific performance of this contract. In the event <br />PURCHASER is the defaulting party, SELLER shall have the right to retain said cash <br />deposit as liquidated damages for the breach of this contract in lieu of enforcing specific <br />performance. <br /> <br />5. SELLER agrees to deliver possession of property described on Exhibit A attached hereto <br />on or after date of closing, vacant of any and all tenants. Such removal of tenants in the <br />event the same becomes necessary to be at sole expense of SELLER. <br /> <br />EXECUTED in triplicate originals this the 4th day of February, 1999. <br /> <br />SELLER <br /> <br />Donald W. Thompson <br /> <br />t.AHIBIT A <br />